Whether you run an eCommerce site or a donut shop, you have probably heard of Bitcoin and how it’s changing the face of global currency. It has been estimated that over 80,000 businesses are accepting Bitcoin as payment today.
Most businesses are latching onto the Bitcoin train in order to lower costs and improve their bottom line. Major companies, such as DISH Network and Overstock.com have started accepting Bitcoin payment. It has been lauded as the cure to the problem with a global currency.
There are many reasons that every small business or eCommerce site should be accepting Bitcoin as payment. If you still aren’t convinced it’s the right choice for your business, read on below for a few of the top reasons you should.
Lower transaction fees
One of the biggest reasons to accept Bitcoin as payment for your business is lower transaction fees. Companies like Genesis Mining are working hard to ensure that Bitcoin is the right currency for you and your business. Not only are these companies working to bring you this payment method, they understand that lower transaction fees are important to your bottom line. It is estimated that accepting this form of currency lowers your transaction fees much more than accepting debit and credit cards do.
Get paid quickly
Getting paid on time is important no matter what size business you are running. However, it’s even more important for small businesses and eCommerce sites that are just starting out and trying to stay within that all important budget. Most credit card payments take at least a week to hit the merchant’s account. This isn’t the case with Bitcoin payments, as they usually hit the merchant’s account within a couple of days, making it easier to put that money back into building your business where it belongs.
It’s no secret that Bitcoin is growing in popularity by leaps and bounds. This means that your customers have probably heard of the currency as well. It is estimated that in a few years, this is going to be a regular payment method that can be offered by default. Giving your customers the option to use this currency will go a long way towards building their trust. They will know that you care enough to make your payment methods quick and seamless by giving them control over the payment method they use.
To prevent fraud
One of the biggest benefits of accepting the Bitcoin payment method is the fact that customers don’t have to give their personal details. Any business knows, that no matter how safe they think their company is, personal information such as name, birth date, and address can be stolen and used against the customer they are trying to protect. When you use a credit or debit card, this information is needed to process the payment. With Bitcoin, you can pay anonymously and not worry about fraud.
If your business isn’t currently accepting Bitcoin as a valid payment method, above are four great reasons why you should consider doing so. From protecting your customers from fraud to helping your business’s bottom line, Bitcoin is here to stay and the faster your business gets on board the happier your customers will be.